The senior residing business faces a rising disaster because the growing old inhabitants quickly outpaces the provision of caregivers, with the resident-to-caregiver ratio anticipated to double from 1.7 to three.4 by 2030. Most senior residing communities nonetheless depend on outdated instruments like paper data, post-it notes, and walkie-talkies, resulting in delayed response occasions and making it tough to trace and enhance high quality of care. Sage replaces conventional nurse name techniques with trendy cloud-based expertise that gives real-time information and insights. The platform has already helped operators triage 1.3 million care occasions, decreasing common response occasions from 20 minutes to below 8 minutes whereas lowering employees turnover by 20% in taking part communities. By way of automation and data-driven insights, Sage empowers caregivers to offer higher care whereas giving operators the visibility they should make knowledgeable choices about staffing and resident wants. At the moment serving a whole bunch of communities throughout 26 states, Sage is pioneering a brand new normal for senior care operations that advantages residents, caregivers, and operators alike.
AlleyWatch caught up with Sage CEO Raj Mehra to study extra in regards to the enterprise, the corporate’s strategic plans, newest spherical of funding, and far, rather more…
Who had been your buyers and the way a lot did you elevate?
$35M Collection B.
Inform us in regards to the services or products that Sage gives.
Sage is the operations administration platform Senior Residing has been lacking. By changing outdated nurse name techniques with proprietary expertise and cloud-based software program, Sage supplies real-time information, transparency, and accountability. For the primary time, operators can observe caregiver actions, time spent with residents, and developments in care wants—information that was beforehand unavailable.
Sage empowers caregivers with instruments to streamline their work and obtain the popularity they deserve, decreasing burnout and bettering job satisfaction. It delivers the insights wanted to make knowledgeable operational choices whereas addressing long-standing ache factors in Senior Residing.
Sage isn’t only a system; it’s the inspiration for the way forward for care and care administration.
What impressed the beginning of Sage?
The preliminary spark got here whereas watching my mother and father take care of my grandmother. I noticed that one of the best instruments accessible to maintain her secure had been emergency alert pendants and child screens. There was no software program to assist caregiver workflows or to offer insights to observe her wants and determine areas requiring extra care. My mother and father knew the best danger was a fall. Nonetheless, regardless of their tireless efforts and all of the measures taken, my grandmother suffered a traumatic fall that fractured her hip—finally resulting in her passing.
I knew there needed to be a greater means. Know-how had seemingly modified each different business. Knowledge was a boon that led to smarter, extra strategic workflows. Why couldn’t or not it’s used to take care of family members like my grandmother?
How is Sage totally different?
Sage is the one platform of its variety, utilizing the nurse name system as a vessel to generate actionable information on resident care, staffing efficiency, and operational efficiencies, all powered by cloud-based expertise.
What market does Sage goal and the way huge is it?
Sage targets the U.S. Senior Residing market, protecting the complete continuum of take care of growing old—The U.S. senior residing market dimension was estimated at $923.2B in 2023 and is projected to develop at a CAGR of 4.16% from 2024 to 2030, because of the rising aged inhabitants.and anticipated to develop additional. By 2030, the variety of older adults residing in senior residing operations is predicted to greater than double from 3.85M to 8M whereas the variety of caregivers for aged individuals is simply anticipated to tick up barely, from 2.29M to 2.35M. Basic math tells you that the ratio of residents to caregivers will double from 1.7 to three.4 over that very same interval, a ramp that might be unsustainable with out expertise.
What’s what you are promoting mannequin?
Sage replaces nurse name techniques with proprietary {hardware} and cloud-based software program. Income is generated through a one-time payment and month-to-month SaaS payment.
How are you making ready for a possible financial slowdown?
Given the growing old demographics as we talked about above and occupancy ranges rising to 85%+ ranges and the necessity to enhance operations and effectivity, we imagine that our product is related and will help throughout gradual downs and powerful durations.
What was the funding course of like?
We make long run relationships with buyers which are enthusiastic about us, our mission, and might add worth to our enterprise versus quick fundraising sprints. These are partnerships which are extraordinarily vital and we imagine take time to determine.
What are the most important challenges that you simply confronted whereas elevating capital?
Crucial factor for us is to seek out buyers that share our values and orientation in direction of our mission in addition to take the time to know the scale of our market. It takes time to seek out all these partnerships.
What are the milestones you propose to realize within the subsequent six months?
With this Collection B funding, Sage will enter its subsequent part, bridging unplanned and deliberate care—two symbiotic components of resident administration. By repeatedly monitoring every day resident wants, our system, validated by human enter, can dynamically adapt care plans. This stands in stark distinction to the present normal, the place plans might solely be up to date quarterly or semi-annually. Older adults don’t have static wants for six months; their acuity can shift inside days. By offering well timed interventions throughout these essential home windows, we will stop unfavourable well being outcomes.
Moreover, we’ll turn out to be the platform that’s the supply of fact for care, seamlessly integrating different gadgets like fall resolution companions to offer a single interface for caregivers to triage all exercise. This strategy creates proactive options to ship a complete and linked strategy to resident care administration.
What recommendation are you able to provide corporations in New York that do not need a recent injection of capital within the financial institution?
For corporations in New York and not using a latest injection of capital, deal with demonstrating robust market match and scalability. Spotlight measurable development metrics, buyer success tales, and the distinctive worth your services or products brings to the market. Construct relationships with potential buyers early. Preserve monetary self-discipline to increase your runway and put money into areas with the very best ROI.
What’s your favourite fall vacation spot in and across the metropolis?
Union Sq. Farmer’s Market.
